Taylor Crypto Trading App Suffers Massive Hack, May Be Out Of Businessbr>
Cryptocurrecy trading app Taylor has suffered a massive hack that will likely put the company out of business, as almost all of its assets have been drained.
The attack took place early last week but was just revealed. In a Medium blog post, the Taylor team said that “all of our funds have been stolen. Not only the balance in ETH (2,578.98 ETH) but also the TAY tokens from the Team and Bounty pools.” The amount taken comes to $1.5 million USD.
Taylor claimed it had security measures, but the defenses failed, and the company confessed, “we are all aware of the good practices, we confess that we may have neglected some very important details.”
The market for TAY tokens has closed on IDEX at Taylor’s request. No details on the nature of the hack have been released by Taylor.
“We will probably not recover the stolen funds, but we have one of the most important assets a company can have: a strong community,” Taylor says. “We’re doing the best we can to overcome this unfortunate incident and grow even bigger and stronger, so your support is absolutely paramount to Taylor’s success. We reassure that we will spare no efforts to find a way to mitigate the implications of this incident for every single legit token holder.”
In an open letter sent to supporters, Taylor said the firm had only $25,000 left. Fabio Seixas, Taylor co-founder and CEO, said that a rebrand may and/or “emergency” token sale to raise funds may be required. He also asked for angel investors.
“The goal for both funding options is to raise only enough to have a small and lean team to work for 12 months, paying for the basic operational and infrastructure costs,” he said. “This time frame should be enough to release the app, acquire the first users, start gaining some traction and generating revenue.”
Taylor touted itself as a startup which wants to bridge the connection between cryptocurrency exchanges and mobile technology through the design and launch of a dedicated trading app.